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Only way to rebuild the economy is the IMF – President

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President Ranil Wickremesinghe has acknowledged that the International Monetary Fund (IMF) is the only institution that can support a struggling country like Sri Lanka, and therefore, if there are alternative proposals to the government’s program, he is willing to provide the opportunity to submit them to the IMF.

He also criticized political parties for playing games and lying to the people without presenting their proposals.

“There is only one way to rebuild this collapsed economy. That is the International Monetary Fund. Different political parties are presenting different stories. I suggested to them to let me know if there is another way to resurrect the collapsed economy,” he said.

The President said this during a meeting with businessmen and lawyers in the Kandy district.

He also noted that the government has completed 15 points assigned during the negotiations with the IMF.

“The government started negotiations with the International Monetary Fund last August. Accordingly, it was possible to agree on the staff level agreement in September. They assigned us fifteen tasks to complete. The International Monetary Fund gave us until December 31 to implement it. But we couldn’t do it on that particular day. Then we made plans to get time until January 31st.  Even at that time, we were unable to complete those 15 points. Finally, the deadline was pushed back to February 15. By 06:00 pm  on February 15th, we completed all that was expected of us and sent them to Washington.”

“Only one of these fifteen issues was being delayed. It is related to the increase in electricity tariffs. The Electricity Board incurs  Rs.230 billion each year in losses. According to the International Monetary Fund, government taxes should not be used to support institutions. It was informed that if this occurs, the International Monetary Fund will not provide assistance. However, one person in this country opposed the decision to increase the electricity tariff.”

“As a result, receiving assistance from the International Fund was delayed by six weeks. Alternatively, we could have completed this by the end of January. All 15 tasks assigned to us have been completed. Now it is up to the International Monetary Fund.”

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Sri Lanka Mirror wishes everyone a happy Sinhala and Tamil New Year!

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The 2024 Sinhala and Tamil New Year dawned at 09.05 pm last night (April 13).

‘Sri Lanka Mirror’ extends heartfelt New Year greetings to all our readers. May this upcoming year be filled with boundless happiness, prosperity, and success for each and everyone of you.

–  Sri Lanka Mirror team

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Derailed train causes delays on coastal line

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A train has derailed at the Kalutara South railway station on Saturday morning (13).

Trains operating on the Coastal Line are thus experiencing delays, Sri Lanka Railways said.

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Kristalina Georgieva to head IMF for a 2nd term

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The Executive Board of the International Monetary Fund (IMF) has selected Kristalina Georgieva to serve as IMF Managing Director for a second five-year term starting on October 1, 2024.

The appointment comes ahead of the start of the fund’s spring meetings in Washington next week.

Georgieva, who has been in the role since the autumn of 2019, was the sole candidate for the position. However, it was only after European leaders signalled that they would endorse her last month that her candidacy was assured.

In a statement, the coordinators of the Executive Board, Mr. Afonso S. Bevilaqua and Mr. Abdullah F. BinZarah has said, “Looking ahead, the Board welcomes Ms. Georgieva’s ongoing emphasis on issues of macroeconomic and financial stability, while also ensuring that the Fund continues to adapt and evolve to meet the needs of its entire membership. It recognizes her focus on strengthening the Fund’s support to its members through effective policy advice, capacity development and financing. The Board looks forward to continuing to work closely with the Managing Director.”

“I am deeply grateful for the trust and support of the Fund’s Executive Board, representing our 190 members, and honored to continue to lead the IMF as Managing Director for a second five-year term,” Ms. Georgieva has said.

The Bulgarian national has served as Managing Director since October 1, 2019. The Managing Director is the chief of the IMF’s operating staff and Chair of the Executive Board. The Managing Director is assisted by four Deputy Managing Directors in overseeing the Fund’s operations, which serve its membership through about 3,100 staff.

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